Stada Arzneimittel Shares Hit Record High

Stada Arzneimittel AG shares hit a record high Monday after the generic drugmaker confirmed a takeover approach from Cinven Partners LLP.

Shares in the group rose 13.65% in Frankfurt by 09:30 GMT to change hands at €56.66 each and valuing the company at a little over €3.5 billion ($3.7 billion). The gains were also driven by Stada's confirmation of another bid approach from an unnamed buyer that could push its sale price even higher.

Stada said Sunday that Cinven offered €56 per share, a roughly 12.7% premium over its Friday closing price of €49.70. The offer values Stada at about €3.49 billion. Stada did not disclose any information on the other bid, except that both were nonbinding offers.